Table Of Content

THEORY OF SECURITIES REGULATION AND CORPORATE LAW Storage K I 73 o M 73 (111 % LAW LIBRARY JAN 81991 FACULTY OF LAW LIBRARY UNIVERSITY OF TORONTO THEORY OF SECURITIES REGULATION AND CORPORATE LAW Professors Jeff Macintosh and Paul Halpern Faculty of Law University of Toronto Digitized by the Internet Archive in 2018 with funding from University of Toronto https://archive.org/details/theoryofsecuritiOOmaci Class I Agency Theory M. Jensen, "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers", American Economic Review, May 1988, pp 323-29 . 1 A. Thakor, "Strategic Issues in Financial Contracting: An Overview", Financial Management Summer 1989 . 8 B. Cornell and A. Shapiro, "Corporate Stakeholders and Corporate Finance", Financial Management, Spring 1987 28 A. Barnea, R. Haugen and L. Senbet, "Market Imperfections, Agency Problems, and Capital Structure: A Review", Financial Management. 1981 . 38 Class 2 Theory of the Firm R.H. Coase, "The Nature of the Firm" (1937), 4 Economica 286 . 2-1 Armen A. Alchian and Harold Demsetz, "Production, Information Costs, and Economic Organization" (1972) 62 Amer. Econ. Rev. 777 . 2-5 Benjamin Klein, Robert G. Crawford, and Armen A, Alchian, "Vertical Integration, Appropriable Rents, and the Competitive Contracting Process" (1978), 21 J. Law and Econ. 297. 2-24 Sanford J. Grossman and Oliver D. Hart, "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration" (1986), 94 J. Pol. Econ. 961 . 2-53 Jeffrey G. Macintosh, "Corporate Opportunities, Managerial Remuneration, and The Theory of the Firm" (unpublished, excerpt) To be handed out in class Class 3 Methodology of Event Studies and Efficient Capital Markets K. Brown, W. Harlow, S. Tinic, "Risk Aversion, Uncertain Information and Market Efficiency", JFE Dec. 1988, pp 355-85 . 3-1 K. Wruck, "Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings", JFE, June 1989, pp 3-28 3-17 Class 4 Managerial Remuneration Smith and Watts, Incentive and Tax Effects of Executive Compensation Plans' (1982), 7 Australian J. of Mgmt. 139 . 4-1 James A. Brickley, Sanjai Bhagat, and Ronald C. Lease, "The Impact of Long-Range Compensation Plans on Shareholder Wealth" (1985), 7 J. Acct. and Econ. 115 . 4-11 Michael C. Jensen and Kevin J. Murphy, "Performance Pay and Top Management Incentives" (1990), 98 J. Pol. Econ. 225 . 4-24 Class 5 Hour 1: Distinctive Features of Canadian Capital Markets and Their Impact on Corporate and Securities Law Ronald J. Daniels and Jeffrey G. Macintosh, "Towards a Distinctive Canadian Corporate Law Regime" (unpublished) . 5-1 Hour 2: Valuation Theory Class 6: Fairness Opinions Draft Policy 9.1 . 6-1 Investment Dealers Association: Letter to O.S.C. 6-32 Glossary of Terms (re: Fairness Opinion) . 6-45 The Amalgamation (re: Fairness Opinion) . 6-49 V. Alboini: Letter to C.I.B.C. 6-56 Fairness Opinion re Time Air . 6-64 Class 7: Restructurings, Part 1: Mergers and Acquisition a) Proxy Contexts - H. DeAngelo and L. DeAngelo, "Proxy Contests and the Governance of Publicly Held Corporations", JFE, 1989, 29-59 . 7-1 b) Takeovers, M & A J. Pound, "The Information Effects of Takeover Bids and Resistance", JFE, 1988, 207-27 . 7-17 M. Patry and M. Poitevin, "Hostile Takeovers: The Canadian Evidence", paper presented at Investment Canada Conference on Mergers, Toronto, November 1990 . 7-28 c) Sources of Gains Y. Amihud and B. Lev, "Risk Reduction as a Managerial Motive for Conglomerate Mergers", Bell Journal, 1981 (excerpt) . 7-79 A. Auerbach and D. Reishus, "The Impact of Taxation on Mergers and Acquisitions", (excerpt) ... 7-82 R. Roll, "The Hubris Hypothesis of Corporate Takeovers", Journal of Business, 1986, (excerpt) . 7-88 d) Review G. Jarrell, J. Brickley and J. Netter, "The Market for Corporate Control:" The Empirical Evidence Since 1980", J. Econ. Perspectives, 1988 .. 7-94 Class 8: Restructurings, Part 2: Spin-offs, Sell-offs, Leveraged Buyouts, Management Buyouts Michael C. Jensen, "Active Investors, LBOs, and the Privatization of Bankruptcy," unpublished, March 1989, Harvard Business School Working Paper No. 89-060 (forthcoming, Applied Journal of Corporate Finance) . 8-1 R. Morck, A. Shleifer and R. Vishny, "Characteristics of Targets of hostile and friendly takeovers" in A.J. Auerbach ed. Corporate Takeovers: Causes and Conseguences (University of Chicago Press, Chicago, Illinois), 1988 8-21 _, "Do Managerial Objectives Drive Bad Acquisitions?", Journal of Finance . 8-36 S. Kaplan, "The Effects of Management Buyouts on Operating Performance and Value", JFE, 1989, pp 217-54 . 8-46 Class 9: Corporate Distributions: Share Repurchase and Dividend Policy L. Bagwell and J. Shoven, "Share Repurchases and Acquisitions: An Analysis of Which Firms Participate in A.J. Auerbach ed. pp 191-220 . 9-1 T. Vermaelen, "Common Stock Repurchases and Market Signalling: An Empirical Study", JFE, 1981, pp 139-83 . 9-17 _, "Repurchase Tender Offers, Signalling and Managerial Incentives", Journal of Financial and Quantitative Analysis, 1984, pp 103-81 . 9-40 H. Barclay and C. Smith, "Corporate Payout and Policy: Cash Dividends Open-Market Repurchases", JFE. 1988 pp 61-82 9-50 Class 10: The Role of Institutional Investors in the Marketplace James A. Brickley, Ronald C. Lease, and Clifford W. Smith, Jr. , "Ownership structure and voting on antitakeover amendments", 20 J. Fin. Econ. 267 (1988) . 10-1 Class 11: Should there be a Federal Securities Commission? Philip Anisman, Proposals for a Securities Market Law for Canada: Purpose and Porcess, Osooode Hall Law Journal, 1981, 329 . 11-1 Class 12: Charter Shopping Ronald J. Daniels, "Should Provinces Compete? The Case for a Competitive Corporate Law Market, McGill Law Journal 1991 ... 12-1